You do have a point. However, take a look at any of the major pharma companies such as PFE, LLY, MRK, BMY, JNJ and so on, and you'll see that none of them have done much in the past several years. The reasons are 1)pharma is out of favor, 2)their earnings have been depressed by generics, and 3)they are mature companies with a high number of shares and hard to affect earnings per share.
Having said that, ABT seems to be revitalizing its business model and growing their top and bottom lines with double digit increases. My only point is that if (and that's a big if) ABT could continue increasing their net, its stock is bound to keep up...sooner or later.
ABT used to have a stock split every 3 years. But, its last split was in 1998. In that respect, your point is well made. But they keep increasing the dividend, and stock price should move higher in time.